Lynch took to Instagram on Friday to announce the collaboration.
While the details of the 'new project' are currently unclear, Lynch made a point of mentioning that all three are vegan in the Instagram post. She also included the hashtags 'crueltyfreebeauty' and 'veganlife', hinting at the nature of the collaboration.
"I feel lucky to be working alongside two very smart, kind and savvy female entrepreneurs," Monet told Plant Based News.
"We see the needs in the cruelty-free market place and are setting out to make a splash in the market place."
Lynch, who rose to fame in her role as Luna Lovegood in the Harry Potter series, is an established vegan advocate and host of a vegan podcast, The Chickpeeps.
The star gave a speech on effective advocacy and compassion at the Official Animal Rights March in London this August, and is showing what vegans can do on the current season of Dancing With the Stars.